Azincourt Energy (AAZ.V) is a Canadian-based resource exploration and development company focused on the alternative fuels/alternative energy sector. Their core projects are in the clean energy space, with uranium exploration projects in the prolific Athabasca Basin, Saskatchewan, Canada, and lithium/uranium projects on the Picotani Plateau, Peru.
Today the Company announced that the sample analysis, after some delay, has been received from the 2023 exploration program at the East Preston uranium project in the Athabasca Basin in Saskatchewan.
Drilling for the 2023 program at the East Preston Project consisted of a total of 3,066 meters completed in 13 drill holes between February and March 2023. They were focused on the G, K, H and Q zones as seen below:
A total of 687 samples were collected throughout the program and sent to the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan for analysis. Analysis of the results shows uranium enrichment within the previously identified clay alteration zones along the K, and H- target zones. Uranium enrichment is identified as uranium (U) values and a uranium/thorium ratio (U/Th) above what would normally be expected in the given rock type or area.
Drilling on the northeast trending G-Zone identified extensive hydrothermal alteration and evidence of east-west cross-cutting structures along the southern portion of the zone. Elevated radioactivity was intersected in EP0045 and EP0047 and EP0047 returned elevated U and U/Th values. While this is a good sign, the alteration zone does not display the upgraded clay alteration halo seen at Zones K and H.
Illite and kaolinite are both indicators of hydrothermal alteration typically found within alteration halos of unconformity uranium deposits. Dravite too which is found within a larger clay package in close proximity to uranium mineralization in the system. Both illite and dravite have been identified as being significant vectors for the recent Patterson Lake North discovery by F3 Uranium approximately 60 km to the northwest of the East Preston project.
The company considers the drilling results to date to be significant, as major uranium discoveries in the Athabasca Basin such as McArthur River, Key Lake, and Millennium were primarily the result of drill testing of strong alteration zones related to conductor features. Identifying and upgrading the strong alteration zones is a significant step forward in identifying the key areas along the conductor trends where more attention is required.
“The alteration we are seeing in the K and H Zones is very encouraging” said VP, Exploration, Trevor Perkins. “The associated elevated uranium present is also very promising and shows that we are vectoring towards something in this area. The identification of dravite and illite clays with the elevated uranium emphasizes that we are on the right track and getting close. This target area will be a top priority moving forward and based on results we may see the north-northwest trending structures taking on more significance for targeting on this trend and others on the property,” continued Mr. Perkins.
“We’re encouraged by the appropriate clay content in the alteration zones. If you’re hunting for a uranium deposit, this is what you need to see,” said CEO, Alex Klenman. “The elevated uranium values from the last two drill programs, combined with the confirmed presence of relevant clays and strong U/Th ratios, within these systems, are substantial developments in the progression of the project and should not be underestimated. Although we’d certainly welcome encountering significant mineralization we continue to be well within a practical discovery timeline. We are eager to continue moving the project forward and will begin formulating the next phase of drilling at East Preston. In the meantime, we’re active at the Big Hill lithium project in Newfoundland and are awaiting results of the current work program. A follow up program is in the planning stage and will be announced shortly,” continued Mr. Klenman.
Azincourt Energy stock is down 14% on the news.
The stock has just been ranging but has broken below to print new all time record lows at $0.03. The stock remains in a consolidation phase and will remain on the radar of bottom pickers. However, the stock is not reacting well to today’s news and the stock will require a fundamental catalyst the market deems positive to gain momentum on some turnaround. The $0.035 zone is an important resistance zone, but the major resistance zone comes in at $0.045.
